Do these reasons for putting off estate planning sound familiar?

| May 27, 2021 | Estate Planning

Though most Nevada residents know that creating an estate plan has benefits, they can still find themselves procrastinating. If so, they are not alone, as many people putt off estate planning for various reasons. Of course, it may be worthwhile to understand that, even if the process is a bit uncomfortable to begin with, the benefits generally outweigh the initial discomfort felt over the idea of planning.

It is likely that one of the following reasons contributes to this procrastination:

  • Not wanting to give up control of their property in order to reduce taxes or better protect assets
  • Not wanting to think about the end of one’s life or death in general
  • Fearing that creating a formal plan will be too expensive
  • Feeling hesitant about working with an attorney
  • Worrying that certain decisions will please one family member but might upset another

The reality of the situation is that there is a chance for difficult feelings and other hurdles to jump. However, it may be simple to lessen the chances of family members feeling unhappy with decisions if they know ahead of time why one made those decisions. Additionally, individuals worrying about the costs of planning may want to remember that they could make their plans as simple or comprehensive as they like and that they can update plans at a later time to include more information.

Estate planning is not everyone’s idea of a fun way to spend their time, but many Nevada residents may be surprised by the sense of relief they feel after creating a plan. They may also feel more at ease, knowing that they can change their documents if they should change their mind about any decisions they made. However, it is important that any documents they create for their estate complies with state laws for validity.